Should the two sides agree on a long term deal by that date the franchise tag would then be taken off of Brees and the negotiated salary would go into effect for the upcoming season.
The Saints wanted to offer Drew Brees $18 million a season, which is the amount that quarterbacks Peyton Manning and Tom Brady will make through the life of their contract.
Brees and agent Tom Condon however, were requesting $23 million over the first three years, which is how Manning’s deal was structured.
Drew Brees may want to re-think the New Orleans Saints offer.
The exclusive version of the tag makes him eligible for a one-year salary equal to the average of the five highest 2012 cap numbers for quarterback as of April 20th.
This could be a problem due to Peyton and Eli Manning’s recent moves.
Wednesday, the Indianapolis Colts decided to release quarterback Peyton Manning to avoid paying him a $28 million roster bonus after he missed the entire 2011 NFL season after having four neck surgeries in two years.
By doing so, Manning’s cap number for 2012 fell from $17 million to zero. He is expected to make his a decision on which team he would like to join within a week.